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chapter 6 vocab
vocabulary
16
Finance
10th Grade
02/22/2013

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Term
financial literacy
Definition
is the understandming of the basic knowledge and skills needed to manage financial resources.
Term
budget
Definition
is a spending plan for the use of money over time based on goals and expected income
Term
income
Definition
is any for of money you receive.
Term
expense
Definition
is the cost of goods and services you buy.
Term
fixed expense
Definition
is a set cost that must be paid each budget period.
Term
variable expense
Definition
is a cost that changes both in the amount and time it must be paid
Term
philanthropy
Definition
is the act of giving money,goods,or services for the good of others
Term
cash flow statement
Definition
is a summary of the amount received as well as the amount paid out for goods and sevices during a spcific period.
Term
net worth statement
Definition
is a written record of your current financial statement.
Term
net worth
Definition
is the difference between wht you own and what you owe
Term
liability
Definition
is a financial obligation that you currentley owe or will owe in the future.
Term
wealth
Definition
is the abundance of assets that are accumalated over time
Term
family life cycle
Definition
is the stages a family passes through from formation to aging.
Term
demographics
Definition
is the statistical charecteristics of the population.
Term
family crisis
Definition
is a major problem that impacts the future of the family and its lifestyle
Term
recordkeeping
Definition
the process of seting up and maintaining an organized system for your financial affairs.
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